The popular Ching Shine Industrial Building is now up for collective sale by tender, with an asking price of at least $113 million, as per JLL, the sole marketing agent for the property. Comprising of 52 strata units, the freehold building spans a 100-meter frontage along Shaw Road and sits on a substantial land area of 49,308 square feet, with a gross floor area of approximately 137,341 square feet.
Having been built in the early 1980s, the building is currently zoned as “Business 1” and boasts a gross plot ratio of 2.5 under the URA Master Plan 2019. Reportedly, more than 80% of the owners have already given their consent for the collective sale at the stated minimum price of $113 million, which translates to a unit land rate of around $823 per square foot per plot ratio at the existing gross plot ratio of 2.79.
In view of the building’s potential for redevelopment, JLL has stated that it could potentially be converted into a food factory, subject to approval from the URA. The National Environment Agency (NEA) has already confirmed that the site meets the relevant buffer requirements for such a redevelopment, while the Singapore Food Agency has also expressed no objections in principle to the proposed food factory. On the other hand, the freehold property could also present a lucrative investment opportunity for family offices seeking long-term growth, as well as owner-occupiers looking to establish a corporate presence in the area, according to JLL.
Senior director of capital markets at JLL Singapore, Nicholas Ng, believes that the building would also be an attractive proposition for developers, owing to the absence of additional buyer’s stamp duty, which can often impact project timelines. The building is conveniently accessible via major expressways such as the PIE, CTE, and KPE, and is also within walking distance from the Tai Seng MRT Station on the Circle Line. Moreover, the property is situated in the bustling Tai Seng Industrial estate, surrounded by other food factories such as Breadtalk IHQ, Sakae Building, and Food Empire Building, as well as popular amenities like the Grantral Mall @ Macpherson and 18 Tai Seng.
Just a short, five-minute walk away, another freehold industrial building known as Noel Building, located at 50 Playfair Road, was sold en bloc for a whopping $81.18 million in November 2023, which was 17% above its initial guide price of $70 million. This transaction, according to Ng, highlights the tremendous demand for such assets in the area, and JLL expects a similar response for the Ching Shine Industrial Building.
Those interested in this prime property have until April 3, 3pm, to submit their tenders for consideration.
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